Chief Timipre Sylva, Minister of State for Petroleum Resources
Efforts are being made to reduce the rising cost of cooking gas even though the control of the price is not under the regulatory purview the Federal Government (FG).
The FG said it has no direct control over the rising prices of Liquefied Petroleum Gas (LPG) popularly known as cooking gas and cannot regulate it at will.
It however stated that it is making efforts to reduce the cost of the commodity and make it affordable ahead of the yuletide.
The Minister of State for Petroleum Resources, Chief Timipre Sylva disclosed this recently after a meeting with President Muhammadu Buhari. At the meeting, Sylva formally presented the Chief Executives of the Nigerian Mid-stream and Downstream Regulatory Authority, and the Nigerian Upstream Regulatory Commission, Farouk Ahmed and Gbenga Komolafe respectively.
Speaking on the reason for LPG price hike, the Minister said cooking gas is not subsidized, it is already a deregulated commodity, so the price of cooking gas is not determined by the government or by anybody in the industry, gas prices are determined internationally.
In his words, the Minister said “Cooking gas is not subisidised, it is already a deregulated commodity, so, the price of cooking gas is not determined by the government or anybody in the industry.
In fact, gas prices are determined internationally and you are all aware that in Europe today, gas prices have gone up and there was even crisis in Europe relating to gas prices. So, the pricing of gas internationally now affect the price of gas in the country.”
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